FAA Approves Long-Delayed Boeing 737 Max 7 Jet

Boeing's (BA) stock price rose by 8% on Monday after the Federal Aviation Administration (FAA) approved the certification of its long-delayed 737 Max 7 jet. The approval comes nearly 10 years after initial plans for the aircraft.

The FAA required changes to the flight control software and alert system in the cockpit, as well as an anti-icing system redesign on the engines. Boeing has about 40 Max 7 and Max 10 jets built but not yet delivered, which can now be handed over to airlines and collected for payment.

Southwest Airlines holds most of these planes, but they still need to install new seats before flying passengers. The certification is a significant step towards rebuilding Boeing's cash flow after years of production issues.